HERE IS HOW TO REPORT IT Health Insurance for the entire family goes on Shareholder’s W2 Box 1 & Box 14 (Does not affect FICA). W3 Box 1 only Form 941 Box 2 only (Does not affect FICA). Form 940 Included in Total Payments Line 3 & Box 4 – excluded from FUTA tax UCT-6 […]
Read More… from 2011 Health Insurance MUST be on W2 for >2% Sub S shareholder
The 2012 federal mileage rates for the use of a car (also vans, pickups or panel trucks) will be: $0.555 per mile driven for business purposes $0.23 per mile driven for medical or moving purposes $0.14 per mile driven in service of charitable organizations […]
Vacation homes are taxed under one of three sets of rules depending on how long the homeowner rents the property. If you rent your vacation home for fewer than 15 days during the year, no rental income is includible in gross income. If you rent the property for 15 or more days during the tax […]
Read More… from Vacation Homes – sometimes you don’t declare the rent!
There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone. […]
Now that the NBA fiasco is settled, can you deduct the cost of tickets? The answer is YES either as (1) business entertainment or (2) a business gift. If you attend the game with the business client, the cost of the tickets can be deducted only as business entertainment. To qualify, the entertainment must be “directly related to” […]
For 2011, the health plan will have a minimum annual deductible of $1,200 for single coverage and $2,400 for family coverage. The annual out-of-pocket maximum is no more than $5,950 for single coverage and $11,900 for family coverage. […]
2011 Maximum HSA ContributionsIndividual contribution$3,050Family contribution$6,150Catch-up contribution (over age 55 and not enrolled in Medicare)$1,000 The IRS has determined that the change in inflation was not significant enough to result in adjustments to the 2011 limits on Health Savings Account contributions. Also, see WHAT IS HIGH DEDUCTIBLE HEALTH PLAN […]
Social Security benefits to go up 3.6% in 2012 Social Security payments will rise 3.6% in January, the first cost-of-living adjustment in three years. However, an expected increase in Medicare Part B premiums is expected to cancel out at least some of the COLA. CNNMoney.com […]
IRS statistics now available for 2009 tax returns. The highest earning 1% of all U.S. individual taxpayers paid 36.7% of all federal income taxes. The highest earning 5% paid 58.7%. The bottom 50% paid only 2.25% of total federal income tax. […]
The Job Creation and Worker Assistance Act of 2002 (JCWA) provided an additional depreciation deduction in the placed-in-service year that is equal to 30% of the adjusted basis of the qualified property placed in service after 9/10/01. This law is reflected (for the most part) in IRS Code section 168(k). The Jobs and Growth Tax Relief Reconciliation Act […]
Read More… from Depreciation History (recent) – is it complicated?
